South Korea’s trade deficit with the European Union topped the $100 billion mark last year, largely due to a slump in the shipbuilding sector and European carmakers’ expanded presence here following the implementation of the bilateral free trade agreement in 2011, industry data showed Monday.

According to the data, South Korea’s exports to the world’s single largest economic bloc gained 5.5 percent through Dec. 20 last year to $50.04 billion, while imports from the eurozone countries surged 9.9 percent over the cited period to a record high of $60.27 billion, resulting in a trade deficit of $10.17 billion.

The country’s customs office did not reveal the latest tally, but estimated last year’s exports to the EU at $51.7 billion. And imports from the economic bloc are estimated at $62.3 billion.

South Korea’s trade shortfall with the EU reached $7.37 billion in 2013 and $970 million in 2012, ending its trade surplus for 14th consecutive years since 1998.

South Korea saw its exports to the EU improve last year from a 11.4 percent drop in 2012 and a 1.1 percent decline in 2011, but its 2014 outbound shipments to the EU fell short of the record high of $58.5 billion posted in 2008, the data showed. (Yonhap)